- Cardano is partnering with Chainlink to boost the development of smart contracts for DeFi applications.
- Chainlink’s oracles would be integrated with the Ethereum killer protocol to support developers.
- Cardano has also recently entered into a deal with an American TV and wireless service provider.
Cardano recently announced a strategic partnership with decentralized blockchain oracle network Chainlink. The third-generation blockchain is preparing to build smart contracts for decentralized finance (DeFi) applications.
Cardano reveals major partnerships
During the Cardano Summit 2021, Input Output Hong Kong (IOHK), the development company behind Cardano, has revealed that the blockchain would be partnering with Chainlink to integrate its oracles to support developers.
The Ethereum killer has recently become compatible with smart contracts for the first time following the Alonzo hard fork, which took place on September 12.
The integration of Chainlink oracles on the Cardano blockchain would allow developers to supply institutional-grade data into their smart contracts. The oracles would support market price feeds and eventually support other Chainlink decentralized services as well.
Cardano also announced that it has entered into a deal with Dish Network to provide digital identity services to the customers of the TV and wireless service provider. Speaking at the summit, IOHK founder Charles Hoskinson stated that the partnership would boost the adoption of Cardano while benefitting Dish’s users.
Cardano price could see further decline prior to recovery
Cardano price has printed a falling wedge pattern on the 12-hour chart, suggesting that ADA still has room to fall before reaching the bullish target of the technical pattern.
The Ethereum killer has fallen nearly 30% from its all-time high as ADA continues to consolidate. Cardano price may drop further to test the reliability of the governing chart pattern before the 35% bounce given by the falling wedge pattern could be on the radar.
The first line of defense for ADA is at the 23.6% Fibonacci retracement level at $2.19. Should Cardano price lose this level of support, the token may drop to the lower boundary of the chart pattern at $1.87, near the 200 twelve-hour Simple Moving Average (SMA).
ADA/USDT 12-hour chart
Should ADA bulls take charge, Cardano would see its first hurdle at 38.2% Fibonacci retracement level at $2.36. Additional obstacles may emerge at the 100 twelve-hour SMA at $2.41, where the resistance line given by the Momentum Reversal Indicator (MRI) and topside trend line of the falling wedge coincide.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.